Legal Question in Bankruptcy in California

do I have to claim all assests?

My husband & I live on disability payments. My husband accrued medical bills which we cannot pay using our monthly income. We do have assests, however. My husband has a Roth IRA account worth approximately $18,000, & I have Time-Warner stock worth also approximately $18,000. We do not pay taxes on either of these investments. This is money we will need to use to live on as the cost of living rises, but our income doesn't. Do we have to claim these as assests if we declare bankruptcy?


Asked on 1/09/01, 12:32 am

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: do I have to claim all assests?

Yes, you do have to declare them. Your IRA is protected so you're OK there. As far as the other stock, need to sit down with an attorney and do some pre-bankruptcy planning and depending on your circumstances you may be able to protect all stock also.

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Answered on 1/12/01, 4:16 am


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